Further Advance definition

Further Advance means, in relation to a Loan, any advance of further money to the relevant Borrower following the making of the Initial Advance, which is secured by the same Mortgage as the Initial Advance, excluding the amount of any retention in respect of the Initial Advance;

Further Advance or ‘top-up' means an extra amount was borrowed and was integrated with the original loan so that it is a single arrangement, with just one payment made to the lender. The amount at Amount Outstanding on Mortgage should include the extra top- up, and the amount at Amount of Last Mortgage Payment/IntPrPay should be a combined amount without you or the respondent needing to add figures together. Do not count any 'top-up' or 'further advance' at this question if separate payments are made; such separate loans are asked about later.

Further Advance means, in relation to a Mortgage Loan, any advance of further money to the relevant Borrower following the making of the initial advance of monies in respect of such Mortgage Loan (the "INITIAL ADVANCE") which is secured by the same Mortgage as the Initial Advance but does not include the amount of any retention advanced to the relevant Borrower as part of the Initial Advance after completion of the Mortgage and does not include any Re-Draw;

Examples of Further Advance in a sentence

• The Administrator shall not accept an application for a Further Advance or a Product Switch without first having received confirmation in writing from the Seller that the Seller would, if invited to do so by the Mortgages Trustee, purchase the relevant Mortgage Loan and its Related Security from the Mortgages Trustee.

• Subject to complying with the terms of Clause 8.1 herein, where the Administrator accepts a Product Switch or a Further Advance, the Administrator shall then promptly notify the Seller and the Mortgages Trustee in writing.

• The Approved Seller may only provide a Further Advance if the Approved Seller purchases the relevant Housing Loan from the Trustee.

• For the avoidance of doubt, the Issuer will not be required to advance monies to the Seller or to a Borrower in order to fund such a Further Advance in any circumstances whatsoever.

• An equitable right of set-off could arise where the Originator has failed to make a Further Advance to the Borrower having made a commitment to do so or where the Originator is in breach of contract under the relevant Loan.

More Definitions of Further Advance

Further Advance means a loan or a further advance to be made to a Borrower under a Mortgage Loan, which is secured by the same Mortgage;

Further Advance means, in relation to a Mortgage Receivable, a New Mortgage Loan or a further advance to the relevant Borrower by the relevant Transferor, whether or not under the same mortgage loan agreement, which is secured by the same Mortgage as also secures such Mortgage Receivable.

Further Advance means “further advance” as that expression is defined in Article 33(4) of the Law, for the avoidance of doubt being of any amount or value, made for any purpose and whether or not contemplated by any party to this Agreement when this Agreement is executed; the “Grantor” includes the successors or (as the case may be) heirs of the person named as the Grantor above;

Further Advance means a discretionary further Loan made by the Counterparty to a Mortgage Borrower as an addition to and on the security of a Mortgage which is on the date of the making of such further Loan included in the Mortgage Pool;

Further Advance means an advance that is –

Further Advance shall have the meaning given to it in Article 33(4) of the Security Law;

Further Advance means a further amount lent to a Borrower under his or her Loan after the Closing Date, which amount is secured by the same Property as the Loan.